Find the Variance for the Given Sample Data $$\begin{array} { l l l l l } 7 & 7 & 2 & 5 & 1\end{array}$$

question 40

Multiple Choice

Find the variance for the given sample data. Round your answer to one more decimal place_ than the original data. $$\begin{array} { l l l l l } 7 & 7 & 2 & 5 & 1\end{array}$$

• A)7.7
• B)11.8
• C)7.8
• D)6.2

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Definitions:

Perfectly Competitive Industry

An industry structure where many firms produce identical products, entry and exit are easy, and no single firm can influence the market price.

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded, with a typical downward slope indicating that demand increases as price decreases.

Producer's Surplus

The difference between what producers are willing to accept for a good or service and what they actually receive.

Marginal Cost Curve

A graph showing the change in total production cost that comes from making or producing one additional unit.